(Reuters) - Singapore's Temasek TEM.UL sold stakes in two of China's biggest banks on Wednesday to raise $3.6 billion, in a move likely aimed at reducing the sovereign investor's big exposure to the financial sector and building up a warchest.
The sale of stakes in Bank of China and China Construction Bank pushed down shares of the two lenders in Hong Kong by more than 3 percent on Wednesday and triggered broader weakness in the territory's stock market.
The selldown also comes after some analysts have turned cautious about the outlook for Chinese banks. On Tuesday, Moody's issued a warning of a possible ratings downgrade for Chinese banks due to their higher-than-expected exposure to local government debt.
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